XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0202%/8h= +22.2% APRnext payment +$0.25 per $10,000 · paid last 24h +0.033%

Price spread now: Polymarket Perps against Backpack−0.257%7-day average +0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 4 days (all we have)+1.349%+$135 · spread now −0.257%, 7d avg +0.084%

Together, before fees+1.255%+$126 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.341% cheaper against Backpack than usual: you would sell low and buy high (spread −0.257% now, against its 7-day average of +0.084%). If the spread goes back, that is −$34 on $10k: about 5.6 days of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.094%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.094% in total (about -4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09748	−0.0102	get 0.0013% / 1h	33m 26s	$180K	$244K	10x
Short	Polymarket Perps XPL-USD	0.09723	0.0100	get 0.0013% / 1h	33m 26s	$130K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee Polymarket PerpsbpOrdersPrice spread, now −0.257%Rate

Funding earned: $42.5
Price spread: −0.257% → +0.084%: −$34.12
Slippage, 4 orders: −$17.57
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$27.19
Costs to cover: 0.356%
Break-even: 11.5 days

Slippage from Backpack: live order book, 35 min ago; Polymarket Perps: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 35 min ago	1.01 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	3.00 bp	7.6 bp −$8	8.7 bp −$87	doesn't fit	doesn't fit

XPL on 35 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange XPLUSD	−0.0224%	1h	0.09710	−0.390%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0193% / S +0.0559%	1h	0.09721	−0.280%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09734	−0.144%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERPlong	−0.0102%	1h	0.09748	long leg	$180K	$244K	10x
dYdX XPL-USD	0.0000%	1h	0.09729	−0.194%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.334%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0003%	4h	0.09730	−0.185%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09722	−0.267%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0052%	4h	0.09709	−0.400%	$8.4M	$55.2M	50x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09725	−0.241%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0080%	1h	0.09716	−0.328%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09710	−0.385%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09728	−0.206%	$62.9M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09726	−0.221%	$247K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09724	−0.244%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09714	−0.349%	$44.2M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09708	−0.410%	$46.8M	$57.9M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09672	−0.783%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09712	−0.369%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09710	−0.390%	$12.8M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09715	−0.339%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09719	−0.297%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09714	−0.349%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09688	−0.616%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09726	−0.224%	$256K	$867K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.287%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09723	−0.257%	$130K	$2.6M	10x
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.185%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.185%	$197	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09728	−0.205%	$144K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09707	−0.421%	$659K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09742	−0.056%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09715	−0.339%	$197K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.185%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4374%	1h	0.09778	+0.308%	$555K	$1.0M	10x	as long as short